The Swiss subsidiary of Banque Internationale à Luxembourg increased its assets under management in the first half of 2023, contributing to the positive results of the entire group.
Banque Internationale à Luxembourg Suisse (BIL Suisse) posted a profit of 10 million francs in the first half of 2023, according to a statement Tuesday. The Swiss company thus contributed to the overall positive result of the BIL Group, which amounted to 103 million euros (equivalent to 98.3 million francs) in the first half of 2023.
In the prior-year period, the Swiss unit had still suffered a loss of 3.9 million francs.
Assets under management (of the Swiss entity) increased by 7 percent to 4.3 billion francs in the first six months of the current year. At the Group, this figure stood at 44.1 billion euros at mid-year).
Hiring Spree Launched
BIL Suisse has three locations in Switzerland: Zurich, Geneva and Lugano. The company has also been making headlines in recent months with a hiring spree, as finews.com reported. More talents, from Credit Suisse, are to follow in the coming weeks, the bank said.
«With a capital ratio of 31 percent and solid liquidity, BIL Suisse further strengthened its strong balance sheet, making it a good partner for all clients and future employees,» said CEO Hans-Peter Borgh.
Expertise in European Real Estate Business
The bank in Switzerland can also draw on the balance sheet of its parent company in Luxembourg and has above-average expertise in the European real estate business and related mortgages and financing.
BIL Group has been owned by Hong Kong-based Legend Holdings for more than five years. The Luxembourg government holds a 10 percent stake.
